Data for home buying and selling trends during September 2017 is in and speaks to continued confidence for both buyers and sellers.
According to the Fannie Mae Home Purchase Sentiment Index, buyer optimism increased substantially in September by 10 percent compared to August. And renters led the pack indicating they believe this is a good time to buy a home.
Actual existing-home sales rose a mere fraction at 0.7 percent over August sales, with mortgage applications for new homes dropping 20 percent based on the Builder Application Survey results shared by Mortgage Bankers Association.
Industry experts blame hurricanes in Texas and Florida for part of the decline in addition to the ongoing challenge of high home prices outpacing buyer budgets.
Increased mortgage credit availability may provide a balancing factor to higher prices for many would be buyers. According to Mortgage Bankers Association’s Vice President of Research and Economics, Lynn Fisher, many eligible loan programs have been updated to make adjustable rate mortgages more competitive with their fixed rate counterparts.
Seize the holiday advantage to find a new home as the majority shift focus to buying Christmas and Hanukah presents. Available home inventory remains tight, but shopping for a home loan now is ideal with rates remaining low and more competitive mortgage products available. Call us at A Plus Mortgage, (719) 572-5155 to pre-qualify for a loan and position yourself to act quickly when your new home comes on the market.
Fannie Mae: News Release-Overall Housing Confidence Up on Rising Renter Optimism; http://www.fanniemae.com/portal/media/corporate-news/2017/september-home-purchase-sentiment-index-6612.html
National Association of Realtors: Existing Home Sales Inch 0.7 Percent Higher in September; https://www.nar.realtor/newsroom/existing-home-sales-inch-07-percent-higher-in-september
Mortgage Bankers Association: Mortgage Credit Availability Index: https://www.mba.org/news-research-and-resources/research-and-economics/single-family-research/mortgage-credit-availability-index